NOTEBOOKS OF V. I. LENIN ON IMPERIALISM
PART I
NOTEBOOK
"α"
PAGES 1–48
Lenin Collection XXII

Notebook α
pp. 1–48
[Pol]ish ec[onomic] lit[erature],
Contents:
4–5 [88] concl[usion] Sch[ulze]-G[aevernitz] (from Soc[ial] O[ekonom]ics + pp. 35–35 (V[ogel]st[ein])
4 [20]. Sk[etch] for an article on the struggle against "the swamp."
((Notes on Kautskianism)).
5 [22]. From lit[erature] in[dex].
6 [24]. Ravestein on the Balkans prob[lem]. (N[eue] Z[eit] 1913)
7–8 [26]. Werner on concentration in Ruhr[berg]bau. (Nfeue] Z[eit] 1913).
9 [30]. Meyer (placement of [cap]ital) and lit[erature] in[dex].
10 [-]. -
11–12 [32]. L[iefm]ann on Frank[furt] [metal] t[rade].
13–14 [36]. Bourgeois] scholars on the struggle against [imp[eri]al-ism]. (Subject races).
15 [38]. Moride—"Branch h[ouses]"
16 [38]. Lit[erature] in[dex].
17 [40]. idem.
18 [42]. Schilder vol. I W[orldwide] E[conomic] A[rchive] (not his work)
19 [42]. Notes from "Our Word"....
20 [-]. -

CONTENTS

21 [46]. Lit[erature] in[dex].
22 [48]. Sums of [cap]ital in joint-stock] companies].
23–28 [50]. Kestner. "O[rganization] Compulsion".
29 [56]. W[iener] W[orkers] N[ewspaper] on Vienna b[anks].
30 [58]. Annals of the American] Acad[emy].
31–35 [92]. Concl[usion] of notes from S[ocial]-O[ekonom]ics.
36 [-]. -
37 [62]. Lit[erature] in[dex].
38 [64]. Stillich. "M[oney]- and B[an]king".
39–42 [66].
39–40 [70]. Liefmann. "C[artels] a[nd] Tr[usts]".
43–48 [74]. From "S[ocial]-O[ekonom]ics".... (Sch[ulze]-Gæ-
[1–3] [88]. v[ernitz])
[31–35] [92].
Literature references:
p. 5. [22].
p. 9. [Sol-
p. 17. [38+40].
p. 21. [46+94].
p. 57. [62]. || NB
p. 38. [64].
p. 44. [76].
p. 46. [80].
p. 48. [86].

SKETCH FOR AN ARTICLE ON THE STRUGGLE AGAINST "THE SWAMP"

Our struggle against the "swamp".
The Swamp = K. K[autsky], Huysmans] etc.
Meaning of the distinction between Plekhanov, Hyndman, Heine and K. K[autsky], Vander[velde] etc. Two "shades."
Eclecticism instead of dialectics. The "middle ground": "reconciliation" of extremes, absence of a clear, definite, sharp conclusion, wavering.
Reconciliation and blunting of class contradictions in words while they sharpen in practice.
Reconciliation with opportunism.
Obscuring the theoretical and political-practical abyss with opportunism.
Renunciation (renegacy) from the standpoint of "Weg zur Macht" and from the r[evolution]ary essence (and r[evolution]ary tactic) of the Basel Manifesto.
Distinction between the concepts "M[arxist] center" (= independent policy, independent ideas, independent theory) and "the swamp" (= wavering, unprincipled-ness, Drehscheibe, Wetterfahne).
Illegal o[rganization].
Work in the army.
Support and development of mass actions.

NB
State o[ptimi]sm:
objective course of things....
everything must turn out for the better.
"P[roletaria]t" and "class struggle" "in general."
"Process"
C[onf]er Martov on
NB "hopelessness" of socialism if... opportunism is hopeless!!!

The struggle against the "swamp" should not be the denial of legal activity and struggle for reforms, but rather the afore-mentioned recognition of revolutionary activity.
The possibility of fusion of socialism and s[yndical]ism upon division along a new and deeper line.
Parliamentarism and another understanding of it. "Illegal p[arlia]m[entarism]".

FROM THE LITERATURE INDEX.

From the philosophical books of the Zurich Cantonal Library.

Gideon Spicker: On the Relationship of Natural Science to Philosophy (especially against Kant and Lange's History of Materialism). 8°. Berlin. 1874.
Hegel. Phenomenology (ed. Bolland. 1907).
Juridical requirement
Erich Kaufmann: Foreign and Colonial Power in the United States. Leipzig. 1908. (in State and Peoples' Law Treatises, Vol. I).
Imperialist policy gave rise to the question of colonies in America.
Cantonal Library (Zurich)
Journal Asiatique (Paris 1857–to 1915 and Table of 40th Series. (+  11th Series, vols. 1–2).
Giornale della societa asiatica italiana. Vol. I–1887–Vol. 26 (1913/4).
Kouznietzow. The Struggle of Civilizations and Languages in Central Asia. (Thesis). 8°. Paris, 1912.
Lehman-Haupt. Armenia. 8°. Berlin. 1910.
Buchler. The Congo State of Leopold. Zurich. 1912. 1914.
Fraisse. International Position of Countries Subject to Congo, Their Division. 1907.
Kate Brousseau: Education of Negroes in the United States. Thesis. Paris. 1904. (American works and reports on education)

Census of India. (1911. Bombay. 1911).
Moffet. The Americanization of Canada. Diss. New York. 1907.
Patouillet. American Imperialism. (Thesis. Dijon. 1904).
Ed. Dettmann. Brazil's Rise in German Perspective. 1908.
Hishida. The International Position of Japan as a Great Power. 1905. New York.
Lefevre. Railways of Penetration in Southern China. Thesis. Paris. 1902.
Russier. The Division of Oceania. Thesis. Paris. 1905.

NB

RAVESTEIN ON THE BALKAN PROBLEM.

W. van Ravestein: "Balkan Problems" N[eue] Z[eit] 1913 (31st Year, Vol. 1) 15. XI. 1912.

"Such a Federation (federation of Balkan countries, including Turkey) would be capable of satisfying the cultural needs of this geographically cohesive area, of placing against the advance of European imperialism as well as Russian world power an insurmountable wall. All other solutions of the Balkan problem can only bear a provisional character, are incapable of satisfying, in the long term, the interests of all races and nations dwelling there." (p. 228)

"European imperialism as well as Tsarism will naturally resist with all their might a Federation of all Balkan countries. Their common interest is and remains the mutual enmity and hostility of these peoples and Turkey, so that they can more easily exploit these parts of the earth as colonial territories. Will the statesmen of Turkey and the Balkan states understand their common interests and end this murderous war by drawing closer to each other? If they do not do so, they sacrifice the interests of their peoples to European capitalism and to the interests of the Balkan dynasties" (p. 229)

NB

WERNER ON CONCENTRATION IN RUHR MINING.

G. Werner: "Capital Concentration in Ruhr Mining". N[eue] Z[eit] 1913, p. 138 (25. X. 1912).

The Ruhr Region:

1) The "Deutsche Bank" Group
4 persons hold positions of directors and board members
in 4 banks:
(a) Deutsche Bank........................all 4
(β) Essener Credit Institution................2 of them
(γ) Essener Bank Union....................2 "  "
(δ) Bergisch-Maerkische Bank..............2 "

Mines within the "sphere of influence" of this bank:
(1907)
20 mines – 66,233 workers; 18.6 mill. tons.
(1910)
72,594 workers; 19.3 mill. tons

2) The Dresdner Bank and Schaffhausen Bank Union Group.
9 persons hold positions of directors and board members
in both banks.

Under the influence of this group:
(1907)
7 mines: ..23,269 workers – 5.98 mill. tons
(1910)
27,963 workers
7.2 mill. tons.

Magnates
of capital
4 persons –
"personal
union"
of 4 banks

Main banks

Deutsche Bank
+ 3 other banks

Firm, number
of mines, etc.

(German Bank-
konzern)
(20 mines) α

1910

Workers
(thousands)

72.6

Tons
(millions)

19.3

---

Haniel
Kirdorf
Discount
Society
Private property and mine
"Good Hope Smelter"
(2 mines) γ
Gelsenkirchen
Bank] Joint-
Stock] Co[mpany] 0 (1)
35.1
9.0

Stinnes
Discount
Society
Private prop. and
"German-
Luxembourg" β (2)
34.6
9.1

Berlin Trade
Society
Harpen Bank] Joint-Stock] Co[mpany] є (1)
25.9
7.1

9 persons "per-
sonal union"

Dresdner Bank
Schaffh[ausen] B[ank]-
Union

Dresdner-Schaff-
hausen Banks ρ
(7)
28.0
7.2

Berlin Trade
Society

Hibernia Joint-
Stock] Co[mpany] є (f)
18.1
5.4

Thyssen γ
(1)
Krupp γ
(1)
Fisk
(1)
16.5
12.2
11.1
3.0
3.1
2.3

Е =
288.5
75.6

Total in Ruhr region
(Ruhr area)...

354.0
89.3

% of these firms
85%

Number
R[aboc]h[их]
[workers]
Mill.
mines
(thou[sands])
tons

(α)
72.6
19.3

D[eutsche] B[ank]

(β)
28.0
7.2

3 magnates: Dr[esden] B[ank] +  Sc[haffhausen] B[ank]-U[nion].

(γ)
63.6
16.1

3 magnates

(δ)
69.0
17.6

D[isconto] Ges[ellschaft]

(ε)
44.2
12.5

B[erliner] H[andelsge-
sellschaft]

Fisk
11.1
2.3

"In Ruhr mining the interests of the whole people collide with those of an extremely small group of capitalists, hardly numbering a hundred" (p. 144)

The article discusses, among other things, whether the syndicate will be renewed. Refer to Conrad's chronicle for this period (X–XII. 1912, etc.).

MEYER (PLACEMENT OF CAPITAL) AND LITERATURE INDEX.

From literature
Dr. A. Meyer. Editor of the Commerce Section of the "New Zurich Newspaper".
"Capital Placements." (Zurich. 1912) (Lausanne Library No. 40,842)

Booklet "practice": advice to capitalists.
pp. 130–132 statistics of joint-stock] company profits.

Note from literature:
Wilhelm Gehrden: "The Secret of Stock Exchange Success". Berlin. (n.d. ?)
German private speculator who recounted his "experience"
p. 139: "a vanishingly small number" wins on the stock exchange.
p. 149: 1 out of 50 cases of profit in premium transactions
((Abundant examples of fraud, etc., etc.))

Africanus: "Gold Mine Shares as Capital Investment". Leipzig. 2nd edn. 1911.

W. Ruppel: "Business in Mine Values". Jena. 1909.

René Houel. Joint-Stock Companies. Paris. 1911.

? J. Steiger. Trusts and Cartels Abroad and in Switzerland. Zurich.

H. Albert. The Historical Development of the Interest Rate in Germany. 1895–1908.

Currie. The Gold Mines of the World. London. 1902.

Gumpel. Speculation in Gold Mine Values. (Freiburg. 1903).

Th. Huber. How to Read a Balance Sheet? (Stuttgart. 1910)

Robert Stern: Merchant's Balance. (Leipzig. 1907).

H. Brosius. The Balance. (Leipzig. 1906)

LIEFMANN ON FRANKFURT METAL TRADE.

Rob. Liefmann: "The International Organization of Frankfurt Metal Trade". "Worldwide Economic Archive", Vol. I. Jena 1913, p. 108 ff.

From the enterprises of Merton (Anglo-German family) grew the Merton Konzern.

"In the Merton Konzern altogether, apart of course from the private property of the capitalists standing behind it, more than 200 Million Marks must be invested". (121).

"Frankfurt metal trade, to which moreover several other firms of considerable importance belong, thus encompasses with its enterprises, particularly those of the Merton Konzern, actually the entire world" (122).

Diagram (p. 120): [see p. 35]

Arrows go in the direction of control.

Trading capital (Merton's) has here transformed into productive capital.

"The characteristic feature of modern large-scale commerce in almost all its branches is its penetration into production" (p. 111).

After the electrical industry (General Electricity Company in Germany, General Electric Company in America, etc.), perhaps "the most international branch of German enterprise" (109) is metal trade (especially copper, zinc, lead, precious metals – the main center is Frankfurt).

The present head Dr. Wilhelm Merton (board member of the majority of companies) in Frankfurt. His father – Henry R. Merton – in London.

The main distinguishing feature of all these companies from others of similar type is that the capitalists standing at the head of the business participate directly (p. 119) in all trading and productive enterprises. They "complement" their capital with that of the public.

Of course, the number of "companies" in which they "participate" is immeasurably greater than shown in the diagram.

BOURGEOIS SCHOLARS ON THE STRUGGLE AGAINST IMPERIALISM.
(SUBJECT RACES.)

NB
Bourgeois scholars on the struggle against imperialism.

Nationalities & Subject Races.
Report of Conference, held in Caxton Hall, Westminster, June 28–30. 1910. London 1911. (XII+178 pp.)

Review in Weltw[irtschaftliches] Arc[hiv], Vol. II, p. 193, signed by N. I. Niebohr (The Hague). The reviewer notes that in this report are placed brief speeches of representatives of "all manner of peoples under foreign rule: Egyptians, Indians, Moroccans, Georgians, African Negro tribes, South American Indians and also European nations, like Irish and Poles" (p. 194).

"Imperialism, so it is said, must be fought; the ruling states should recognize the right of subjugated peoples to self-government, and an international court should supervise the implementation of agreements concluded between great powers and weaker peoples. One does not go beyond these pious wishes. We discern not the slightest trace of the insight that imperialism is inseparably linked to capitalism in its present form, and therefore equally little insight that a direct struggle against imperialism is hopeless, unless one confines oneself to protesting against some particularly ugly excesses". (p. 195)

It is instructive to note that bourgeois "imperialists" in Weltw[irtschaftliches] Arc[hiv] follow the national-liberation movements of colonies (at least not German ones).

For example, Vol. III, 2, p. 230 – ferment and protests in India
idem in Natal (Africa) because of restrictions on Indian immigration (pp. 230–1).
Vol. IV, 1, p. 130 – the movement directed toward self-government in Dutch India.

MORIDE—"BRANCH HOUSES".

Pierre Moride: Multi-branch Houses in France and Abroad. Paris. 1913 (Alcan).

(Review in Worldwide Economic Archive, IV, 1, p. 286).

Branches
England
497 firms with 20,644
Germany
14,453 "    34,464 (of which 31,799 are
number
shops or stores
of employees 926,369 "   473,077
France
?
12,000
50,000 employees and workers
125 Million francs in wages

---"the manifestation of the concentration movement observed in commerce as in manufacturing industry" (p. 286).

LITERATURE INDEX.

(Cantonal Library in Zurich) (Call no.: K. bi.)

Pamphlets of the German Monist League. Vol. 3: Albrecht Rau: "Fr. Paulsen on E. Haeckel". 2nd edn. Brackwede. 1907. (48 pp.)

NB  ((Very sharp criticism of Paulsen from the standpoint of Feuerbach. "Mohican" of bourgeois devotion!))

at Museum-Society

NB: "The Edinburgh Review"
1915 October:
"The Workshops & the War".
(Very interesting article on the attitude of the working class to war and its economic consequences (improvement of workers' positions; reduction of unemployment, etc.))

"The Atlantic Monthly"
1915 seemingly June

White
The Different World After the War.
NB: "Schmoller J[ournal]", 37th Year. Marx on emission statistics in Germany and abroad.

? Albin Geyer: "Yearbook of World History" 1913–14. Leipzig. 1914. (Karl Prochaskas Illustrated Yearbooks). None.
| This is not a collection of documents, not a reference work, but living essays of the year. |

Hobson. The Export of Capital. London. 1914. No catalogue number.
"Imperialism". M. A. 3394.
"The South African War. St. Z. D. 985.

Ballod. Outline of Statistics. Berlin. 1913. No catalogue number
[{Very good summary of economic data.}]

Ischchanian. National Composition, etc. of Caucasian Peoples. 1914. (81 pp.). None.

Taylor. P. 41,946. (German edn. 1914) No catalogue number.

Dietrich. Operations Science. No catalogue number.

Ely. Monopolies & Trusts. None.

Jenks. Was placed in Schmoller's J[ournal] or another Economic magazine. Yearbooks of Conrad, Vol. III. F. 1. ((Third Series, Vol. I)) None.

Harms. None.

Agahd. Large Banks and World Power. 1914.

Biesser. Large Banks. 1906.

Macrosty. The Trust System. 1910.

Shadwell. England, Germany and America. Berlin. 1908.

Jeidels. The Relationship of Large Banks to Industry.
Schmoller's Research. Vol. 24, Leipzig. 1909.

Schilder. None.

Levy. Monopoly & Trusts.

Tschierschky. None.

Liefmann. Cartels and Trusts.

Vogelstein. Capitalist Organizational Forms.

SCHILDER. VOL. I WORLDWIDE ECONOMIC ARCHIVE.
(NOT HIS WORK)

Sigmund Schilder: "The Hidden World-Economic Motives of World War". "Worldwide Economic Archive". Vol. I. (pp. 1–22).

Very good essay (of course pro-German)

The transition of other countries to protectionism forced England in the 19th–20th centuries to transition to military plans.

Austria. Its striving toward the Balkans.

Interesting: in Serbia (during the annexation of Bosnia and Herzegovina) 1908/9 there were voices in favor of war with Austria-Hungary for the following reasons. If we win, we seize Serbs from Austria-Hungary. If we are defeated, Serbia will be included in the customs territory of Austria-Hungary. This too is better. We have nothing to lose (p. 11).

In Russia, moreover, "in the first place" "private economic advantage of the military-bureaucratic ruling class". (12) Exception: striving toward the Dardanelles.

In France discontent with the Morocco-Congo Agreement of 4. XI. 1911.

Belgium could preserve its Congo only with the help of England; France by treaty of 5. II. 1895 received "right of first purchase" on Congo (p. 16).

Japan strives for dominion over China.

Turkey until 1913 was "more an object than a subject of world politics" (19).

Portugal depends on England.

Spain received (treaty with France 27. XI. 1912) the northern portion of Morocco (France was against, England was for). Spain in 16 years 1898–1914 made considerable progress.

NOTES FROM "OUR WORD".

Our Word No. 11 (10.11.1915).
Article by Zalevsky "On the National Question". For § 9.
Cites from No. 44 of Iskra:
... "But unconditional recognition of the struggle for freedom of self-determination does not at all oblige us to support every demand for national self-determination. The S.D., as party of the proletariat, sets as its positive and main task the promotion of self-determination not of peoples and nations, but of the proletariat in each nationality".

82 (6. V. 1915) Editorial: "Imperialism and National Idea".
/ against Hervé. "Naked national idea is reactionary"
XX century = century of imperialism; XIX century of nationalism.

No. 116 (17. VI. 1915). "K. Kautsky on Plekhanov" (from a Bulgarian journal), and No. 117 (18. VI. 15) and No. 118 (19. VI)

No. 130 (3. VII. 1915) "Nation and Economy" N. Trotsky.
+ X  135 (9. VII)

No. 170 (21 VIII. 1915) L. Martov against S.D. (on defeat).
\  22
and 171
172 (21. .)

No. 192 (16. IX. 1915) Martynov on "United States of Europe".

No. 209 (8. X. 1915) N. Trotsky on Zimmerwald.

LITERATURE INDEX.

From Cantonal Library (Zurich)

NB: Allanticus: "Production and Consumption in the Socialist State". 1898. preface by Kautsky. None.

Henry Demarest Lloyd. Wealth against Commonwealth. New York. 1901.

? Statistical Yearbook for the German Reich. Vol. 4. (= 36th year, 1915)

Stillich. National-Economic Research on the History of Large Industrial Enterprise. Vols. 1 and II 1904 & 1906.

Bulletin of the International Institute of Statistics. (Vol. 1–19).

Clark. The Labor Movement in Australasia. 1906.

André Liesse: The Social Question. Paris. 1895.

Grunzel. On Cartels. 1902.

Baumgarten and Meszleny. Cartels. 1906.

Juraschek. Overview of World Economy.

Neumann-Spallart. Surveys. Year 1,879/80...1883/4.

Quaintance. The Influence of Farm Machinery on Production & Labor. 1904 (Thesis).

Johann Plenge. From Discount Policy to Dominance over the Money Market. 1913.

Schulze-Gaevernitz. "British Imperialism" 1906.

? Emil Breziger: "Harbingers of an Economic Crisis in Germany". Berlin. 1913. (1.80 Marks)
Prediction of crisis in 1913/4. None.

Bernhardt Meiners: "The Origin and Development of Large French Credit Institutions". 1911.

Lysis. Against Financial Oligarchy in France. 1908. None.

André Liesse. Portraits of Financiers. 1909. None.

Testis. The Truth about the Statements of Lysis. 1908. None.

Edm. Thery. The Economic Progress of France. None.

Pierre Baudin. La Pensée.

Maurice Schwob. Before the Battle (Commercial War). Paris. 1904.

BIBLIOGRAPHY SUPPLEMENT

Bibliography (Continued)
From the Cantonal Library (Zurich)*

Atlanticus: "Production and Consumption in the Socialist State." 1898. preface by a cautsky.pet.

Henry Demarest Lloyd. Wealth against Commonwealth. New York. 1901.

? Statistical Yearbook of the German Empire. (1915).

Stillich. National-Economic Investigations on the History of Large Industrial Enterprises. Vol. I and II. 1904 and 1906.

Bulletin of the International Statistical Institute.

Clark. The Labour Movement in Australasia. 1906.

André Liesse: The Social Question. Paris. 1895.

Grunzel. On Cartels. 1902.

Baumgarten and Messleni. Cartels. 1906.

Jurashek. Survey of the World Economy.

Neumann-Spallart. Reviews. Year of publication 1879/80... 1883/4.

Kentans. The Influence of Agricultural Machines on Production and Labour. 1904 (Dissertation).

I. Plenge. From Discount Policy to Dominance on the Money Market. 1913.

Schulze-Gaevernitz. "British Imperialism." 1906.

? Emil Brester: "Harbingers of Economic Crisis in Germany." Berlin. 1913. (1.80 marks)
forecast of crisis in 1913/4 no

Bernhard Merens: "The Origins and Development of Large French Credit Institutions." 1911.

Lysis. Against Financial Oligarchy in France. 1908. no

André Lise. Portraits of Financiers. 1909. no

Testis. The Truth About Lysis's Writings. 1908. no

Edm. Théry. Economic Progress in France. no.

Pierre Bodain. Impulse.

Maurice Schwodt. Before the Battle (Trade War). Paris. 1904.

V. Claus. Das russische Bankwesen. 1908. (Schmollers Forschungen. No. 454). K. II. F. 876 m.

Dr. Mentor Bouniatian: "Economic Crises and Overcapitalization." Munich. 1908. K. II. F. 4039.

(kg) Edm. Théry. Europe and the United States. General Statistics. Paris. 1899.

Kelsie. The partition of Africa. 1895. St. Zr. 1482.

O. Schwarz. "The Financial Systems of the Great Powers" (Göschen Collection). 2 Volumes. Leipzig. 1909.

Interesting tables on development 70s – 1900 NB no in K

"Outline of Social Economics." Tübingen. 1914 ff.
K. II. 1036 y, va...

Any request for books must be addressed directly and in writing to the "Swiss Central Library for Commercial Education." Former University, Devant Square, in Lausanne... (necessary conditions: deposit of security: article 4 of the Regulations. Article 6, number 4 address cards.

SUMS OF CAPITAL IN JOINT-STOCK COMPANIES.

What sums do "they" handle?

Bankarchiv, XIII volume 15. VI. 1914.

"The Business Results of German Joint-Stock Companies in the Years 1907/8 to 1911/2"...

1911/2... number of joint-stock companies — 4,712

their joint-stock capital... 14,880 million marks

real reserves 3,515 " "

income... 1,470 " "

Number of companies paying dividends... 3,481

Sum of dividend... 1,220 million marks = 8.39%

Capital increases: from 1901 to 1912 (5 years)

= + 2,766 million marks nominal
+ 3,346 " " at market price

II Over par + 579 " " (!!)

KESTNER. THE COMPULSION TO ORGANIZE

Dr. Fritz Kestner: "The Compulsion to Organize."
An Investigation of Struggles between Cartels and Outsiders. Berlin. 1912.

The author systematically examines conflicts between cartels and "outsiders" and conflicts within cartels—and measures of "struggle":

1) The blockade of materials...
2) The blockade of labour power through alliances...
3) The blockade of supply...
4) " " of sales...
5) The binding of purchasers through exclusive clauses.
6) Systematic price-cutting
7) The denial of credit...
8) The declaration of boycott

from "Cartel Inquiry" (5 vols. 1903–06) and others.

A heap of examples. Most detailed discussions of their state and legal significance...

"The Rhine-Westphalian Coal Syndicate at its foundation in 1893 encompassed 86.7% ... 1910—95.4% of Rhine-Westphalian hard coal production (p. 11)... The American steel trust in 1911... 45% of crude iron production... (Other examples: 98%—85%—and so on.)"

"For an individual enterprise, the question of joining a cartel is a business transaction conditioned by profitability calculations. Just as cartel effect generally, so too its significance manifests itself primarily in periods of depression. Conflicts between cartels and outsiders arise mainly from the different significance which the restriction of sales, essential to cartel effect, carries for individual enterprises. This restriction of sales is particularly burdensome for enterprises capable of development, which therefore offer it the strongest resistance" (p. 26)...

... "The conceptual difference between the two (cartel and trust) * consists precisely in the property relations: in the cartel there are different owners, whereas in the trust there is only one" (p. 53 and reference to Liefmann).

"It has been repeatedly observed—and can be regarded as a general phenomenon—that the profitability brought about by cartelization attracts new entrepreneurs and new capital into the industrial branch" (57). For example, the Potash Syndicate raised prices. Result:

in 1879 there were 4 enterprises
" 1898 " " 13 "
" 1905 " " 52 (p. 57)

Conditions regarding price increases for outsiders are sometimes formulated as decreases in discounts for them (p. 73)...

The Book Trade Stock Exchange Association—introduced a prohibition on the sale of books "to price-cutters" (84).

"The blockade of materials, alongside the binding of purchasers through exclusive clauses to be discussed further below, must be regarded as the most important method of cartel compulsion" (91)...

... Export rebates... (107)

"dependent dealer organizations" are created (109)... (coal—kerosene...)

Price-cutting... In the gasoline industry there were price reductions from 40 to 20–22 marks (118)—spirits in Upper Silesia down to 49.5 marks (in Breslau the price was 62.3 marks)...

Denial of credit: "Phoenix" refused to join the Steel Works Association. The director of this firm was opposed to joining. Banks bought up shares—withdrew export rebates—and carried through the joining at shareholders' meeting!! (p. 124–5).

Contracts with members within the cartel... (penalties; arbitration courts instead of ordinary courts)...

The best means of control—"joint sales office" (153)...

"Jeidels (p. 87 of his work) is surely right that it would be impossible to establish a new large independent bank in Germany" (p. 168).

"But even within purely economic activity, there occurs a shift from commercial activity in the former sense to organizational-speculative activity. It is not the merchant who gets furthest ahead, the one who on the basis of his technical and commercial experience best understands the needs of customers and is able to find and, so to speak, awaken latent demand, but rather the speculative genius who can calculate in advance—or at least intuitively sense (pochuyat)—the organizational development, the possibility of relations between individual enterprises and with the banks" (p. 241).

"The heads of large enterprises are always in a position to enlist the cleverest and most resourceful jurists, and, if they themselves understand little of actual commercial business, outstanding merchants to stand at their side. It is generally known that in the central offices of large works one finds a whole series of individuals who have nothing to do with the actual enterprise, right down to the Doctor of Political Economy who conducts the firm's economic propaganda" (p. 242).

"It has been generally observed that cartels formed up to now have brought about a shift in prices and therewith in income formation to the advantage of heavy or raw material industry and to the disadvantage of the processing industry. A permanent increase in prices as a cartel effect has hitherto been observed only in the important means of production, especially coal, iron, potash, but on the other hand never permanently in finished goods. The associated increase in profitability has likewise remained restricted to the means of production industry. This observation must be extended to the point that the raw material industry has not only as regards income formation and profitability derived advantages through previous cartel formation to the disadvantage of the processing industry, but has over it acquired a dominance relation unknown under free competition" (p. 254).

Cartels do not always lead to concentration (they can "save" small establishments belonging to the cartel), but cartels always lead to "capital intensification" (274)... to the strengthening of the role of enterprises rich in capital, strong in capital (272 and 274).

On the question of the significance of cartels one must not forget the difference between an organization of, say, consumers * (this is socialism, p. 282) or the finished goods industry and an organization of the raw material industry:

"The present situation, the dependence of larger parts of industry on raw material production, has externally a certain similarity with it (with consumers' unions and so on), but internally signifies the exact opposite" (p. 282). ((Liefmann constantly forgets this difference—note p. 282)).

"There is debate whether cartels have improved the situation of workers, as is claimed on one side and contested on the other, whether they embody a cooperative-democratic principle ((Tschierschky!! The author is against him: note p. 285)) or whether they do not rather represent, precisely for Germany, an antidemocratic position through the shift of the center of gravity toward heavy industry hostile to trade unions" (285)...

VIENNA LABOUR NEWSPAPER ON VIENNA BANKS.

Vienna Labour Newspaper. 1916. (11. IV. 1916) № 101**.

Figures on banks (8 large ones: Credit Society; Union Bank; Traffic Bank; Discount Society; Bank Association; Land Credit Society; Mercury + General Deposit Bank).

Capital—657.4 million crowns
Reserves—383.2 " "
1040.6 " "
Foreign funds 4843.8 " "

Net profit 81.4

Increase in deposits compared with 1914... 1,067.

ANNALS OF THE AMERICAN ACADEMY.

The Annals of the American Academy of Political & Social Science.
Vol. LVII—LIX. (1945). II. F. 1471

Return to

(consists of separate booklets + bibliography etc. vol. LIX (1915 May): "The American Industrial Opportunity." Collection of articles).

Summary of wages in the United States:

1/10—1000 $ and over p. 115
2/10—750–1000 $
7/10—< 750 $

Among other things, article by William S. Kies: "Branch Banks & our foreign trade" (p. 301)

"40 English banks operating in foreign countries have 1325 branches; in South America 5 German banks have 40 branches & 5 English banks have 70 branches... England & Germany have put into Argentine, Brazil & Uruguay in the last 25 years, approximately 4000 million dollars, & as a result enjoy together 46% of the total trade of these three countries".

((and further on the striving and attempts of New York to take this place...))

NB

Special examination of the question of "opportunity" for the United States to increase trade etc. with South America on account of the war.

200 billion
Francs 40 billion
dollars
1 = 160 billion
marks

P. 331 (in another article)... "Sir George Paish in the last annual of the Statist estimated that upwards of 40,000,000,000 $ of capital had been supplied to the less developed countries by the 5 lending nations of the world, Great Britain, Germany, France, Belgium & Holland"...

from another article on "South American markets":

"Another fundamental proposition, & the most important of all in increasing trade with South America, is the investment of capital from the U. States in loans & in construction & similar enterprises. The country, whose capital is invested in a South American country, is going to get the most of the contracts for materials used in construction enterprises, railway building, & the like, as well as the contracts for public improvements carried on by the governments. England's investments in Argentine railways, banks, & loans are the living evidence of this fact". (314)....

Compare p. 2
here *

NB

110 corporations have
Capital = 7.3 billion $, "Stocks & Stock market".
Same for 1940 among other things
2 American funds =
Shareholders = 626,984
= 34.5 billion $
(and without repetitions za) = 24 billion
$, and all wealth = 107.1 billion*

BIBLIOGRAPHY.

NB
Look at Kondí
c. 21
Lindenberg D. 70 + D.
Symons
D. 113
Steller
D.
Stillich
D.
Warschauer
D.
Weber
D.

BIBLIOGRAPHY.

From the Lausanne Catalog (Lausanne Cantonal Library)

Deschanel. The People and the Bourgeoisie. Paris. 1881. (p. 148)

Godin. The Republic of Labour and Parliamentary Reform. 1902 r. Paris. 1889 (p. 315 b).

L. Lallemand. The Revolution and the Poor. Paris. 1898.
(p. 380 a).

Ch. Renault. History of Strikes. Paris. [18]87 (p. 553).

Eugene Schuyler. American Diplomacy. New York. 1886 (p. 742).

Joris. Outline on the Netherlands Colonies. London. 1883.
(p. 744 a).

Th. Rogers. History of Prices. 6 volumes (p. 1252).

Malthull. History of Prices since 1850. London. 1885. (p. 1255).

War to War. (Collection) p. 464.

Inagaki. Japan & the Pacific. 1890
(p. 2537).

Swift. Imperialism & liberty. Los Angeles. 1899 (p. 2707).

Viallute. Political Life in Two Worlds. Vol. VII
(1912/3) and previous] p. 3140.

Paul Feyel. Political History of the 19th Century. Paris. 1914. 2 volumes p. 3430.

Camille Vallaux. Land and the State. (Social Geography). Paris. 1911. p. 4030.

Lecarpantier. International Commerce. Paris. 1908 p. 4804.

Maritime Commerce and Merchant Fleet. Paris.
1910. p. 4801 a.

Martin S.-Leon. Cartels and Trusts. Dijon. 1909 p. 4859.

Chisholm. Handbook of Commercial Geography. London. 1911. p. 5237.

Eckert. Outline of Commercial Geography. 2 volumes. London. 1905. p. 5238.

Reichlen: Franco-German Rivalry in Switzerland. 1908. [should be in Berne too?]

Raffalovitch. The Financial Market. 1911/2 (Year XXI). p. 629 a.

van der Lecuw. Aspirations toward World Peace. 1916. Rotterdam. 1915. p. 1537.

Commission. Indian Plague (1899–1900). 577. vols. 4 and 5: Conclusion. p. 2121.

Avenel. Peasants and Workers for the Last 700 Years. Paris. 1907 p. 2600 e.

" The Rich for the Last 700 Years. Paris. 1909. p. 2600 f.

Fabre. Asian Competition. Paris. 1904 (and European workers). Nimes. 1896 p. 2640 b.

Langhard. The Anarchist Movement in Switzerland. Berlin. 1903 p. 2680.

From the Most Recent Literature:

Ergang: "The Elimination of the Worker by the Machine."
"Technology and Economy." Volume 4, No. 10.

Kammerer. "Lines of Development of Technique." Ibid. Volume 5. + "Pages on Social Policy," Vol. 152.

Grunzel. "The Victory of Industrialism." 1911.

Rathenau: see p. 32*.

Ergang. "Investigations into the Machine Problem in the Teaching of Political Economy." 1911.

Mannstaedt: "The Capitalist Application of Machinery."
1905.

A. Riedler: "On the Historical and Future Significance of Technique." Berlin. 1910.

Oechelhauser: "Technical Work Then and Now." Berlin. 1906.

E. Reyer: "Force. Economic, Technical, etc. Studies
on the Unfolding of State Power." Leipzig.
1908.

Neuhaus. "Technical Requirements of Mass
Production." "Technology and Economy," 1910 (3 volumes).

M. Gras. On Machinism. Paris. 1911.

v. Miethe. Technique in the 20th Century. 1911/12.

F. Matare. Means of Labour: Machine etc. 1913.

Lavasseur. Comparison of Hand Labour and Machine Labour. 1900.

STILLICH. MONEY AND BANKING.

Dr. Oscar Stillich. Money and Banking. Berlin. 1907.

A half-popular thing.

P. 95. Banker Julius Huke: "The Money Problem and the Social Question" (5th edition). 1903.

NB

NB


NB

good
example

!!!

Good
example

P. 143: "There is no banking operation that brings such large profits as the issue business. The premium (Aufgeld) demanded in the issue is so high as nowhere else... The premium in the issue of industrial shares, which is attempted to be justified through the costs of issue and the expected higher rate of return, but which in the main represents economically unearned profit, amounted according to compilations of the 'German Economist' averaging over the years 1895–38.6%
6–36.1
7–66.7
8–67.7
9–66.9
1901–55.2%

NB

same more completely Sombart, "German National Economy in the 19th Century," (2nd edition 1909) p. 526 Appendix 8

In the decade 1891–1900 alone, over a billion marks in agio were "earned" on German industrial securities.

P. 138: "Consolidations"... "Shares are pooled together and their nominal value reduced. A classic example of such reductions of share capital is provided by the Dortmund Union, a creation of the Discount Society. I have dealt in detail with the financial history of this unfortunate child of that bank in Volume I of my 'National-Economic Investigations in the Field of Large Industrial Enterprises' (Leipzig, 1904). Over 30 years, over 73 million marks disappeared from the books of this Company through a series of consolidations. Today the original shareholder of this Company holds in his hands only 5% of the nominal value of his Union shares! (138)

Current account—a means to influence industry.

"How great is the influence of banks on their current account connections (147), is shown for example by the following letter, taken from the Kuxenzeitung (148), which the Dresdner Bank wrote on 19/XI 1901 to the board of the Northwest Middle German Cement Syndicate. It says: Based on the announcement published in the Reichsanzeiger on the 18th of this month by your Company, we must reckon with the possibility that at the general meeting scheduled for the 30th of this month resolutions will be passed that are capable of bringing about changes in your business operations of a kind not agreeable to us. For this reason we must, to our deep regret, hereby withdraw the credit granted to you; we therefore request that you cease making demands on us and at the same time respectfully request that you repay our balance by the end of this month at the latest.

If, however, nothing is resolved at the said general meeting that is not agreeable to us, and we are protected by guarantees agreeable to us also for the future in this respect, then we declare ourselves ready to enter into negotiations regarding the granting of new credit to you.

... "In our large banks a number of clerks are active who have nothing else to do day in and day out than calculate current account interest. In this they achieve with time great virtuosity (148)... They are an example of how capital tramples on personality and turns the individual into a machine".

"Every bank is a stock exchange"—this is a saying that contains all the more truth the larger the bank is and the more progress concentration in banking makes" (169).

"Through daughter banks the Pereires (founders of Crédit Mobilier) * wanted... to financially ensnare the various peoples and in this way promote world peace" (180)...

"Fields of operations" "for bank capital"

70s—railways of Germany (at the end of the 70s nationalized)

80s—heavy industry Rhine-Westphalian
90s—electrical industry (and machine-building)

((In 1906 the 4 Berlin D-banks (Deutsche Bank, Discount Society, Dresdner Bank, Darmstädter Bank) concluded an agreement whereby they obligated themselves to one another not to engage any employee who was employed by one of these

relation
to
employees
ha-ha!!
(Compare
K. Kautsky)

Good
example,


characteristic!!!

NB

NB

NB
[cf. above, p. 44 cit[ation]: from p. 159—160]*
NB

"A numerical estimate of foreign capital investments yields for England 70 mil[lion] marks, for Fr[ance] 35 mil[lion] m[arks] (1910), whereas for G[ermany] in 1913 scarcely 20 mil[lion] m[arks]". (160).

When presenting facts in support of "export clauses" and the advantages for industry of foreign investment, Sch[ulze]-Gäv[ernitz], inc[identally], says that France too makes use of this:

"The French rentier state thus experiences an industrial afterbloom" (163) — the introduction of the Turkish loan in 1910 was arranged in Fr[ance] on the condition that Turk[ey] give no single state more orders than France___(p. 163).

"Today G[ermany] is the typical "foreign entrepreneur," while Fr[ance] and gradually also England become rentiers ossifying... If the world today bears an Anglo-Saxon face, our b[anks] are engaged in drawing through railways, mines, plantations, canals, irrigation systems, etc., the features of German spirit onto this countenance)). (164)...

(NB: p. 1, Note "Written before the war")¹³

In ch[apter] X.

P. "Political Assessment of Foreign Investment".

"Capital export is a means for the purposes of foreign policy and in its success is at the same time dependent on foreign policy.

a) The creditor states: Fr[ance], Engl[and], G[ermany]. Engl[and] and Fr[ance], the two great creditor powers of the world, are political bankers**. State and banking world stand here as one man. Thus the Fr[ench] government and the Credit Lyonnais. Thus the friendship of Edward VII with Sir E. Cassel. In hope of the great prize in the political game of chance, Fr[ance] staked mil[lions] on the one Russian card. As the borrower of Fr[ance], R[ussia] was even able, in the distant East — China, Persia — to act as a political lender. As a lender, Fr[ance] chained Spain

** At the beginning of the book it is said: once and for all "Banker" instead of the obsolete Rentier. (p. 9.)

FROM "SOCIAL ECONOMICS"

NB
| cf. above, p. 44 citation: from p. 159-160 |
NB
"According to numerical evaluation, foreign capital investments are determined for England at 70 billion, for France at 35 billion (1910), and for Germany in 1913 barely at 20 billion marks." (160).

Citing facts in support of "export conditions" (Exportklauseln) and the advantages of industry from foreign investments, Schulze-Gävernitz, among other things, says that France also benefits from this:

"The French state-rentier thus experiences a secondary industrial boom" — the introduction of the Turkish loan of 1910 was surrounded in France by the condition: that Turkey would not grant more orders to any state than to France . . . . (p. 163).

"At present, Germany is a typical 'foreign entrepreneur' (Auslandsunternehmer), whereas France, and on the whole England too, ossify as rentiers. . . . If the world at present has an Anglo-Saxon countenance, then our banks are occupied with imparting to this countenance the features of German spirit through railways, mines, plantations, canals, irrigation systems, etc." (164)...
(NB: p. 1, note "Written before the war")¹⁵

In Chapter X.
Section "Political Evaluation of Foreign Investments."

"Capital export is a means for purposes of foreign policy, and its successes in turn depend on foreign policy.

a) Creditor States:
France, England, Germany.

England and France, the two great powers, world creditors, are political bankers. The State and the banking world are represented here in one and the same person. Thus, for example, the French government and the Lyon Credit. Thus, the friendship of Edward VII with Sir E. Cassel. In hope of the main prize in the political lottery, France staked billions on the Russian card alone. Russia, receiving money from France, was even in a position to appear in the Far East — in China, Persia — as a political actor supplying money. France, as a money-supplying entity, bound Spain and Italy to herself, who rendered her services as clients at Algeciras. France was prepared to grant loans to such a ministry as the Kossuth ministry, which it refused to Count Kuehn: "The deposit would have been the Triple Alliance." As a political creditor, England re-welded the British world empire together without fearing pressure on the rate of its own consols. The complete guardianship security, which was recognized in the metropolis for colonial government loans, had the effect that, for example, such a half-opened new country as Natal enjoys cheaper credit than the long-established, highly respectable Prussia with its gigantic railway and state property. This credit nexus is a "bond of interest," possessing perhaps greater strength than preferential tariffs could ever have possessed. Extending beyond the intra-imperial connection, the British creditor holds Japan as its political captive, Argentina in colonial dependence, Portugal in unveiled debt slavery. Gold-bedecked governors of Portuguese Africa are British puppets" (165)*...

NB
| pearl !!!
pearl
Imperial
ism
and demo
cracy
pearl!
(and NB)

... "The total sum (of German capitals in Russia) is estimated at 3 billion marks. The preference shown by our banks for this greatest of all debtors in world history is understandable when one considers the high banking profits that Russian securities precisely bring" (166).

"Undoubtedly, the colonially as yet unallocated countries of the half-cultured world, in their striving for political and economic independence, cannot receive from any European power such disinterested support as from Germany. China, Persia, Turkey know that Germany has no territorial claims" (167).

... "Circumstances within the country, hostile to the ideas of freedom, also impede the penetration of world-political thought into the depths of the people's soul. How far we are from the motto 'imperium et libertas'**, which the Anglo-Saxons, from Cromwell to Rhodes, owed their greatest achievements!" (168)

NB
| pearl !!!
pearl
Imperial
ism and demo
cracy
pearl
(and NB)

** "Empire and liberty." Ed.

the bribery of broad strata of the petty bourgeoisie and
the upper layers of the proletariat — more subtle, more cunning

"Everywhere German foreign banks encountered competition from the long-established English 'foreign banks'*, which even today far surpass German banks in the volume of their operations and their share capital" ... (173)

... "All the more soberly do we wish to note the fact that we are latecomers. As regards the system of German foreign banks, we are speaking of the promising steps of a youth eager for action, for whom the greater part of the world is barred by its fortunate possessor. In the British world empire — to say nothing at all of the French and Russian empire — there is barely one German banking institution, and yet it was claimed that the Briton administers the world in the interests of all. The future of German foreign banking is to a large extent dependent on the political task: keeping open the still undivided parts of the world, bringing about a new birth of the Mohammedan world, establishing a German colonial empire in Africa"... (174)

The 2nd part of the book, a work by Jaffe, presents a dry sketch of Anglo-American and French banking. Nothing.

VI Section of "Outline of Social Economics."
"Industry, Mining, Construction." Tübingen. 1914.

Many references to literature (cf. p. 37) **

Some statistical data on large-scale industry see in the ruled notebook***.

to extract from the Book: p. 34 and 45
industry 1882 and 1907¹⁶

ИЗ « СОЦИАЛЬНОЙ ЭКОНОМИКИ»
the bribery of broad strata of the petty bourgeoisie and
the upper layers of the proletariat — more subtle, more cunning

"Everywhere German foreign banks encountered competition from long-established English 'foreign banks'*, which still far surpass German banks today in the volume of their operations and their share capital" ... (173)

... "All the more soberly do we wish to note the fact that we are latecomers. As regards the system of German foreign banks, this is a matter of promising steps of a youth eager for activity, for whom the greater part of the world has been made inaccessible by its fortunate possessor. In the British world empire — to say nothing at all of the French and Russian empires — there is scarcely a single German banking establishment, and yet it was claimed that the Briton administers the world in the interests of all. The future of the German foreign banking system is to a considerable degree dependent on the political task: to keep open the still-undivided parts of the world, to bring about a rebirth of the Mohammedan world, to organize a German colonial empire in Africa" ... (174)

The 2nd part of the book, a work by Jaffe, presents a dry sketch of Anglo-American and French banking. Nothing.

VI Section of "Outline of Social Economics."
"Industry, Mining, Construction." Tübingen. 1914.

Many references to literature (cf. p. 37) **

Some statistical data on large-scale industry see in the ruled notebook***.

to extract from the Book: p. 34 and 45
industry 1882 and 1907¹⁶

* "Foreign banking." Ed.
See p. 62-65 of the Collection. Ed.
Reference is made to notebook r. (arch. IMEL, 186IZ), which will be included
in one of the following Collections on imperialism. Ed.

NB
Rise
versus
crisis
NB
NB
From the article
M. R. Weyermann: "Modern Commercial Technique."
citation from the book by K. Rathenau: "On the Influence of Capital and Production Increase on Production Costs of German Machine Industry." 1906.

such examples:¹⁷

Production increase
of approx. 50%

(pumps)
Pump Models
A      B      C
197    880    1593 marks
162    738    1345

Typewriters    100 units production. Price = 200 marks
(p. 157)        500    "         "        "       160
1000    "         "        "       140
2000    "         "        "       125

Emissions of German industrial stocks:
1903 — 195.3 million
1904 — 267.6
1905 — 492.5
1906 — 624.8
1907 — 210.2
1908 — 326.7

Beginning of rise
rise
highest rise
crisis
(beginning of recovery)

according to the Frankfurt Newspaper
and the Handbook of State Science
(("Emissions Business"))¹⁸

According to Behra's data¹⁹ consumption of shoes (p. 175) in the United States was 1880 — 2.5 pairs per inhabitant
1905 — 3.18 "         "

From the article
Th. Vogelstein: "The Financial Organization of Capitalist Industry and Monopoly Formation."

"Ten years after May 9, 1873, on which day, in Schönlanck's exaggeration, while the death knell of economic boom was tolling, the birth hour of cartels was inaugurated, Friedrich Kleinwächter came forward with his book on cartels." (217).

From the history of cartels:

"One can cite from the period before 1860 individual (222) examples of capitalist monopolies; one can discover in them the embryos of the forms that have become so familiar to us today; but all this is

absolutely — prehistory for cartels. The actual beginning of modern monopolies lies, at the earliest, in the 1860s. Their first great development period begins with the international depression of the 1870s and extends to the beginning of the 1890s" (222)

"If we consider the matter on a European scale, then the limiting point of free competition is the 1860s-1870s. At that time England completed the construction of its capitalist organization of the old style. In Germany this organization entered into decisive struggle with handicraft and domestic industry and began to create its own form of existence." (ibid.)

"The great upheaval begins with the crash of 1873 or more accurately with the depression that followed it, which — with a barely perceptible interruption in the early 1880s and with an extraordinarily violent but short 'boom' around 1889 — makes up 22 years of European economic history" (222)...

... "During the brief period of rise 1889/1890, cartels were heavily used to exploit the conjuncture. Ill-considered policy drove prices upward even more quickly and more sharply than would have happened otherwise, and almost all these cartels perished ignominiously in the 'grave of the crash.' Another five years of poor business and low prices followed, but the mood prevailing in industry was no longer the same. Depression was no longer regarded as something self-evident; in it they saw only a pause before a new favorable conjuncture."

"And so the cartel movement entered its second epoch. Instead of
II-nd
a transitory phenomenon, cartels become one of the foundations of the entire economic life. They conquer one industry after another, and first and foremost the processing of raw materials. Already in the early 1890s cartels had worked out for themselves in the organization of the coke syndicate, after the model of which the coal syndicate was created, such cartel technique, beyond which the movement has essentially not gone. The great boom at the end of the nineteenth century and the crisis of 1900-1903 stand — at least in mining and iron industry — entirely under the sign of cartels. And if at that time it still seemed something novel, now it has become a self-evident truth for the broad public consciousness that large parts of economic life are, as a general rule, withdrawn from free competition" (224)...

Forms of cartels:
a) Condition cartels (sales conditions, terms, payments, etc. ...)
b) Territorial cartels
c) Quantity cartels
d) Price cartels
e) Profit-sharing cartels.

syndicates — unified sales bureau (Verkaufsstelle)
trusts — ownership of all enterprises [unified and absolute power]

¹ Here we are referring to the following 8 Berlin banks: Bank für Handel und Industrie (Bank of Commerce and Industry), Kommerz und Disconto Bank (Commerce and Discount Bank), Deutsche Bank (German Bank), Disconto Gesellschaft (Discount Company), Dresdener Bank (Dresden Bank), Mitteldeutsche Kreditbank (Central German Credit Bank), Nationalbank für Deutschland (National Bank for Germany), Schaaffhausensch Bankverein (Schaaffhausen Banking Association).

² Lenin cites the section on monetary and credit commerce from the 1907 census materials as cited by Schulze-Gävernitz.

³ On p. 11 Schulze-Gävernitz writes: "Of the 14,000 banking enterprises counted in Germany in 1907, 4,000 are secondary enterprises of expedition business (from which banking business, travel agencies, shipping agents, lottery operations, etc., repeatedly emerged."

⁴ Lenin in the citation from Schulze-Gävernitz wrote the word "entschpricht," which he translates (see Works, vol. XIX, p. 174) as "corresponds." In Schulze-Gävernitz's text, however, it says "die der Tatsache entspringt" ("which springs from the fact").

⁵ Citing figures on the movement of banks and their capitals in 1871, Schulze-Gävernitz notes that in the following year "73 banks with 43.2 million marks of capital were liquidated."

⁶ This table is given on p. 42 of Schulze-Gävernitz's work. The percentages indicate the ratio of cash payments to the total giro and settlement turnover.

⁷ This refers to the law mentioned on p. 110 of Schulze-Gävernitz's work, which established a minimum share magnitude of 1,000 marks for Germany.

Cf. Lenin, Works, vol. XIX, p. 108-109.

⁸ Schulze-Gävernitz writes: "It would perhaps be too strong to say that banks exercise dominion over the stock exchange."

⁹ Schulze-Gävernitz provides a table to prove the difference of industrial Germany in relation to the "more lucrative Western Europe."

¹⁰ Reference is made to a page from the article: E. Schwiedland "Der Wettkampf der gewerblichen Betriebsformen" (E. Schwiedland "The Struggle Between Forms of Industrial Enterprise"), p. 24-53, and M. R. Weyermann "Die ökonomische Eigenart der modernen gewerblichen Technik" (M. R. Weyermann "The Economic Peculiarity of Modern Commercial Technique"), p. 136-186.

¹¹ These are examples borrowed by Weyermann from Rathenau, who notes that over the course of 7 years in Germany, as a result of the expansion and intensification of enterprises, production costs for pump models A, B, and C fell by the amounts indicated in the table, with an increase in production of approximately 50%. The same is also stated in the example with typewriters cited further on and cited by Weyermann.

¹² Lenin converted Weyermann's text into a table. The remark "rise versus crisis" belongs to Lenin. Moreover, Lenin altered Weyermann's periodization of phases, in which:
